Power Finance Corporation Transfers Two Transmission SPVs To Apraava Energy And Power Grid Corporation

Power Finance Corporation Limited (PFC), a Maharatna Government of India undertaking, has completed the transfer of two wholly owned subsidiaries of PFC Consulting Limited to their respective successful bidders. The company announced that both transactions were successfully concluded on August 3, 2026, in line with the applicable regulatory framework.

The first subsidiary, Ananthpuram Transmission Limited, was established as a special purpose vehicle (SPV) for the development of the transmission system required to integrate the Ananthpuram-III PS REZ Phase-1 (3 GW) renewable energy project. Following the competitive bidding process, the SPV has been transferred to Apraava Energy Private Limited for a total consideration of Rs. 19.62 crore.

The second subsidiary, Krishnagiri REZ Transmission Limited, was created to develop the transmission infrastructure for the Krishnagiri REZ Phase-I project. This SPV has been acquired by Power Grid Corporation of India Limited (PGCIL) for a consideration of Rs. 19.82 crore. The transfer was also completed on August 3, 2026.

According to PFC, both subsidiaries had a negligible contribution to the company’s overall turnover, revenue, income, and net worth during the previous financial year. The company also clarified that neither of the successful bidders belongs to its promoter or promoter group, ensuring that the transactions do not qualify as related-party transactions.

PFC further stated that the transfers were not executed as slump sales. Instead, the financial consideration for the transfer of both SPVs was determined in accordance with the guidelines prescribed by the Ministry of Power, Government of India, for the transfer of project-specific special purpose vehicles.

The company confirmed that all regulatory and disclosure requirements were complied with, and the necessary filings were submitted to the National Stock Exchange of India Limited (NSE) and BSE Limited. The compliance disclosures were signed and submitted by Manish Kumar Agarwal, Company Secretary and Compliance Officer of PFC, reaffirming that the transactions were completed in accordance with the applicable regulatory provisions.